Government Pursuing Strategy to Promote Small Business Sector
Prime Minister Bruce Golding (right foreground) gets a helping hand from Mayor of Kingston and Councillor, Desmond Mckenzie (2nd right) as he cuts the ribbon to officially open the Incubator and Resource Centre of the Jamaica Business Development Centre, at the Garmex Freezone complex on Marcus Garvey Drive, on April 12. The Incubator and Resource Centre will provide critical service and support for small, medium and micro enterprises sector. Also participating in the ribbon cutting exercise are: Minister of Industry, Investment and Commerce, Karl Samuda and Valrie Viera, Chief Executive Officer of the JBDC.
Prime Minister Bruce Golding said the government is pursuing a deliberate strategy to promote and support the development of the small, medium and micro (SMME) enterprise sector in order to build the country's ability to absorb the benefits of the investment flows into the economy. He said the government will shortly be outlining a policy initiative to improve local productive capacity and that it would be specifically targeting the small business sector.
Mr. Golding's remarks were made on April 12 at the official opening of the Small Business Incubator and Resource Centre, an arm of Jamaica Business Development Centre, at the Garmex Freezone complex on Marcus Garvey Drive.
He said Jamaica has not done badly in terms of foreign direct investment, but that many people were dissatisfied that the economy had not grown significantly and more jobs created. He said the small business sector could provide the answer and pointed to the United States where more than 50 per cent of jobs are created by small businesses. He said the sector has the flexibility to navigate obstacles and that there are markets that are best served by the micro enterprise sector which could lead to the creation of more jobs.
Mr. Golding said that in order to effectively bring the small business sector to a level where it can absorb net investment flows, many businesses will require assistance with financing, management training and the application of knowledge to their productivity efforts. He said many small businesses are heavily indebted and that some financing would have to be provided, as the commercial banking sector is yet to fully recognize its obligation to that sector.
He said in a knowledge driven global environment, commercial activity may be directly linked and informed by research. He said the Public Sector Modernization Unit in the Cabinet has been tasked with examining and restructuring all its scientific related agencies in order to create a link between research and commercial enterprise.
Mr. Golding said that as traditional markets come under threat, Jamaica will have to develop new products and take advantage of the vast opportunities that exist in the export market. He said Jamaican producers will be required to produce at a higher quality and more competitive prices and that cultural practices will have to give way to state-of-the-art technology if the country is to grab the available opportunities. He charged the Jamaica Trade and Invest to lead the initiative, adding that the world must be our marketplace and Jamaica should not be frightened by it.
Minister of Industry, Commerce and Investment Karl Samuda, who has portfolio responsibility for the Jamaica Business Development Centre, said the goal was to have one incubator and resource centre in each county. He said the concept of an incubator and resource centre would serve to harness the talent and creativity of Jamaicans, especially those in rural and inner city communities.